For TDS payment assistance:
Tel: +91 22 4004 2131 / +91 99203 50878
Email: info@gyaata.in / gourav@gyaata.in
For Home loan assistance:
Tel: +91 8433 9996 22
Avail of a preferential corporate pricing
if your organization is listed with us.
Click here to know more.

Rise in Demand for Properties in Tier-2 and -3 Cities Post COVID-19

By Runwal Group Posted On Dec 08, 2020
Category Residential properties

Rise in Demand for Properties in Tier-2 and -3 Cities Post COVID-19

The Indian real estate market took a massive hit amidst the COVID-19 crisis. Several prospective buyers were forced to pause their home search because of the pandemic. From an increased expense of the household to salary cuts, the pandemic increased buyers’ difficulties during the time.

In the initial half of 2020, demand for housing units saw a precarious decrease in major cities. However, as the general public gradually accepts the new normal, an array of opportunities has risen for the realtors.

What Do Industry Experts Have to Say?

Industry experts are anticipating a rise in demand for housing from Tier 2 and 3 cities because of reverse migration, one of the key COVID-19 aftereffects. Urban communities like Lucknow, Indore, Chandigarh, Kochi, Coimbatore, Jaipur, and Ahmedabad would be the principal recipients of the reverse migration of experts who lost their jobs in the metro cities during the nationwide lockdown. These returnees will be benefited from the housing opportunities in the smaller region due to the basic amenities and superior infrastructure many Tier 2 and tier 3 cities give.

Another reason for this sudden increase in interest is that COVID has brought people closer to their families and normalised the rural lifestyle. For months they were locked inside their homes, managing everyday chores on their own and living life on minimal means. A need for a sustainable lifestyle has also risen among the young generation, which can continue working from home from any part of the country now.

 

Demand for Real Estate In the Pre-COVID Era

Indeed, even previously, Tier 2 and 3 cities saw impressive growth in popularity, essentially because of available pricing, more space, better degrees of profitability, and lower cost of living, generally makes these places prepared to move in. With the government’s attention towards empowering businesses, these towns were already seeing a sort of reverse migration as it was normal for its people living in urban areas to find an interest in buying property back at home. The forthcoming festive season post the lockdown could be the greatest trigger towards the new demand and an incredible recuperation sign for the real estate business.

 

 

Real Estate In Metro Cities

Developers are simultaneously launching new projects in different parts of Tier 1 cities as well. We, at Runwal Group, are currently developing a project in Kanjurmarg West, Mumbai where we are offering elegant homes with serene surroundings. The project entails 2 & 3 BHK flats in Kanjurmarg West supported by a multitude of facilities. This breathtaking project is a part of Runwal Forests, and among one the finest luxury residential 2 & 3 BHK flats in Kanjurmarg West, Mumbai

BACK

Disclaimer

The plans, specifications, images and other details herein are only indicative and subject to approval of the concerned authorities. The Group / Owner reserves the right to change any or all of these in the interest of the development, without prior notice or obligation. Artist’s impressions are used to illustrate amenities, specifications, images and other details and these may be applicable to select apartments only. Tolerance of +/- 3% is possible in the unit areas on account of design and construction variances. All brands stated are subject to final decision of the project architect. This printed material does not constitute an offer and/or contract of any type between the Group / Owner and the recipient. No booking or allotment shall be deemed to have been made on the basis of this printed material. Any Purchaser / Lessee of this development shall be governed by the terms and conditions of the agreement for sale / lease entered into between the parties, and no details mentioned in this printed material shall in any way govern such transactions unless as may be otherwise expressly provided in the agreement for sale/lease by the Group / Owner. The Group / Owner does not warrant or assume any liability or responsibility for the accuracy or completeness of any information contained herein.